Top 5 Cryptocurrencies to watch out for in 2018

Cryptocurrencies have had a fabulous 2017;Bitcoin, the biggest cryptocurrency by market capitalization rose massively from $973 on January 1, 2017 to $13, 621 by December 31, 2017.

Here is a list of cryptocurrencies which are likely to perform well in terms of price appreciation this year:

1. NEO

NEO was formerly known as Antshares but re-branded last year. It had a spectacular rise in 2017, and is billed to rise even higher. The cryptocurrency opened at $0.18 in 2017 and closed at $73, appreciating by 405%.

The coin has been positioned as China’s version of Ethereum, and has enjoyed overwhelming support despite the government clamping down on cryptocurrencies. A minimum of 10 Initial Coin Offerings (ICOs) are billed to take place this year using this coin. China is reportedly considering easing the ban on cryptocurrencies. In the event of this happening, the coin is billed to witness heavy price appreciation.

NEO also yields GAS which can be traded as a separate cryptocurrency, when customers hold NEO in a wallet.It will most likely exceed the $100 mark before the end of the year.

2. Ku Coin (KCS)

Ku Coin is a decentralized cryptocurrency based on the Ethereum platform. At the same time, it is also an exchange based in Hong Kong.

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The exchange has witnessed huge growth since its inception and is currently the 20th biggest cryptocurrency exchange by volume. This has also had a positive effect on the value of the coin, which has grown from less than 10 cents to its current price of over $5 in 2017.

In order to encourage adoption, transactions on the exchange are executed at a discount when using Ku coin. In addition, holders of the coin on the exchange are given daily bonus Kucoin shares.

3. ETH LEND (LEND)

Lend is a peer-to-peer lending platform that is based on the Ethereum smart contract platform. Simply put, Lend enables peer-to-peer lending without the deposit of collateral. Borrowers can use their digital tokens (cryptocurrencies) as collateral. In the event of their failure to repay the loan, the collateral is withheld.

Successful payment of loans is also graded, and tokens are allocated. These tokens can also be used to borrow Ethereum. In the event of default, these tokens are withheldor destroyed.

While a few similar older platforms exist such as SALT, Lend has improved on them and gathered a large following. As the cryptocurrencies market soars, the need for lending has become greater.

4. DOPE coin

Marijuana coins have gained huge prominence, especially in Canada and the United States where some states have legalized the cultivation and sales of recreational marijuana. Conventional banks have however largely refused to bank proceeds of marijuana sales, and several restrictions are still in place.

Several marijuana coins are in existence, but $POT and $DOPE coin lead the pack. DOPE however lags behind all other weed currencies in terms of price. Currently trading at 1231 satoshis (a satoshi is a fraction of a Bitcoin), I expect Dope to at least double in price before the end of 2018.

5. PIVX

PIVX (Private Instant Verified Transaction) was originally called Dark Net, but had to undergo a rebranding due to the negative connotation that comes with the word “dark” in the cryptocurrency community. PIVX belongs to the class of coins known as anonymous cryptocurrencies.

They are called so because in theory the transactions cannot be traced. Though cryptocurrencies have been embraced widely, some countries such as China and Israel have clamped down on them. Anonymous currencies will increasingly come into play as several countries clampdown on cryptocurrencies.

While PIV X may not be ready to match the$1000 mark like DASH (the leader in this sector), the probability of crossing a $100 this year is quite high. It also has a faster transaction time and is easier to integrate with existing technologies when compared to Z coin, another leading currency in this sector.

PIV X also runs on the proof of stake system which is more efficient compared to the proof of work system which is run by DASH. Proof of stake means a person can mine depending on the number of coins in possession. Proof of work means mining is dependent on the number of transactions that can be authenticated.

Disclaimer

Opinions expressed are not to be interpreted as financial advice. Please consult your investment adviser.

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training.
He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE).
He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy.
You can contact him via [email protected]

Nairametrics is a leading financial resource company based in Nigeria, with special focus on financial literacy, investor advocacy and business intelligence. Nairametrics.com was founded by Ugochukwu "ugodre" Obi-chukwu and is owned by Nairametrics Financial Advocates Ltd.